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IFAN and PINCOIN disappeared with 660 million dollars

ICO-NEWS-IFAN-and-PINCOIN-disappeared-with-660-million-dollars

The Vietnamese company Modern Tech disappeared, cheating about 32,000 people who invested more than 15 trillion Vietnamese dong ($ 660 million) in two fraudulent cryptocurrency projects. Last Sunday, dozens of disgruntled investors gathered near the company's office in Ho Chi Minh City demanding to return the invested money. However, the owner of the building, which housed the office of Modern Tech, said that the company had moved out about a month ago.

 The company Modern Tech said that it is an authorized representative of two cryptocurrencies, Ifan and Pincoin.

The Ifan project was positioned as the "most advanced social network" for celebrities and artists, allowing them to communicate with fans. The network tokens were to be used to download music and purchase albums and tickets for concerts.

The Pincoin cryptocurrency was offered simply as an "investment opportunity", guaranteeing up to 40% of the monthly profit. It was stated that it was controlled by the so-called PIN Foundation.

Investors were promised that the price of the tokens they acquired would soar immediately after they got into the secondary market. In addition, Modern Tech offered a commission of 8% for each new customer.

After the company stopped paying commissions with real money, replacing them with tokens, investors suspected something was amiss. Investors saw that the value of their investments grew daily, but they could not transfer tokens into cash.

Soon the social networks and forums were filled with complaints of deceived investors who complained that they had invested in the pyramid.

Despite the large number of warnings, the prevalence of fraudulent projects in the cryptocurrency area is not decreasing. Scammers convince naive investors to invest their savings in another "big project", promising an absolutely absurd income in terms of size.

In March, the cryptocurrency start-up Giza Device disappeared, collecting on a fake ICO crypto currency equivalent of $ 2 million. The collected funds should be used to develop a "super-secure storage device" for cryptocurrency.

In early April, self-proclaimed "cryptocurrency guru", businessman Amit Bhardwaj was arrested in India.

Bhardwaj, who was on the run for a year, was arrested on April 4 at Bangkok airport and sent to Poona to stand trial. He is accused of deceiving investors with the help of cryptocurrency financial pyramids. According to high-ranking officials involved in the investigation, the total amount collected by Bhardwaj funds ranges between 769 million and 2 billion US dollars.

Bhardwaj ran several businesses, including GainBitcoin, GBMiners, MCAP and GB21. Bollywood actors actively promoted his book entitled "Cryptocurrency for beginners" in social networks.

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